Vancouver, BC – Peekaboo Beans Inc (CSE:BEAN | OTCQB:PBBSF) (the “Company” or “Peekaboo Beans“), a direct-sales retailer of children’s apparel, is pleased to announce that it has completed the first tranche of its previously announced non-brokered private placement (the “Private Placement”), pursuant to which it has issued an aggregate of 3,210,000 units (each a “Unit”) at a price of $0.20 per Unit for gross proceeds of approximately $642,000. Each Unit was comprised of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant, with each whole warrant exercisable into one Common Share of the Company at a price of $0.30 until September 26, 2020 (a “Warrant”). If at any time during the term of the Warrants the Company has achieved revenues of greater than or equal to $900,000 in any quarterly period as evidenced by the Company’s quarterly financial statements then, subject to the Company issuing a press release announcing the acceleration, the Company may give notice to the holders of such Warrants that the Warrants will expire on the date that is 30 days from the date of such notice, provided, however, that that the Company will not be permitted to accelerate the expiry of such Warrants if the acceleration occurs during any applicable four month hold period prescribed by applicable securities laws. The Company intends on completing a second tranche of the Private Placement.
In connection with the first tranche of the Private Placement, the Company paid a total of $16,240 in cash and issued 81,200 Warrants to eligible finders who introduced subscribers to the Private Placement.
All securities issued under the Private Placement, including securities issuable on exercise thereof, are subject to a hold period expiring January 27, 2019.
The Company intends to use the proceeds from the Private Placement for corporate development and general working capital purposes.
About Peekaboo Beans Inc.
Peekaboo Beans is a Canadian public company with a majority female Board of Directors producing high-quality, ethically manufactured children’s apparel. Peekaboo Beans is sold exclusively through its direct-sales network of stylists or independent sales representatives. In line with its mission, Peekaboo Beans develops custom fabrics and designs its apparel to promote play in children’s lives. Through the direct-sales model, Peekaboo Beans trains women to be entrepreneurs, build a business and generate income on their own terms.
On behalf of the Board of Directors,
Peekaboo Beans Inc.
Ms. Traci Costa, President and CEO
For more information, please contact the Company at: investors.peekaboobeans.com
This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking, including statements with respect to the use of proceeds from the Private Placement. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.